The Unified Payments Interface (UPI) concluded FY24 with remarkable achievements, setting new benchmarks in both transaction volume and value during March 2024.
Despite a slight dip in transactions in February 2024 owing to fewer days in the month and heightened investment activity before the financial year’s end, March witnessed a surge in transactions approaching the daily limit of 1 lakh on UPI transactions. Merchants, business owners, and individuals typically finalize transactions during this period, leading to elevated volume and value in March, as highlighted by Vivek Iyer, Partner at Grant Thornton Bharat.
In March 2024, transactions amounting to ₹19.78 lakh crore were processed, surpassing the previous record of ₹18.41 lakh crore set in January 2024. According to data from the National Payments Corporation of India (NPCI), the value of transactions surged by 40 percent compared to March 2023.
The number of transactions on the UPI network surged to 1,344 crore in March, up from the peak of 1,220 crore transactions observed in January. Year-on-year, transaction volume increased by 55 percent. Throughout 2023 and FY24, UPI transactions demonstrated consistent growth rates, with transaction value increasing by over 40 percent and transaction volume surpassing 50 percent growth.
In FY24, the UPI platform processed 13,115 transactions amounting to ₹199.29 lakh crore, a significant increase compared to 8,376 crore transactions worth ₹139 lakh crore in FY23. Transaction volume rose by 56.6 percent, while the value of transactions grew by 43.4 percent during the year.
A report by PwC India anticipates UPI transactions to exceed 100 crore per day by FY27, projecting UPI’s dominance in the retail digital payments sector, with an estimated contribution of 90 percent to total transaction volumes over the next five years.
